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Florida AG cracks down on auto loan fraud

The Florida Attorney General’s office has announced a settlement with now-defunct Riverside Chevrolet and its former owner, Andrew Ferguson, for selling consumers vehicles with outstanding liens from August 2017 to April 2018. The settlement carries a price tag of $1.2 million, according to an agency release. “We are shifting into high gear to protect Florida […]

Used-car dealers scam insurers in California

Auto insurance fraud is the latest scheme to hit the West Coast as a ring of used-car dealers allegedly ripped off auto insurers for $22,000 by filing fraudulent insurance claims, according to the California Department of Insurance.  The organized fraud involved owners and associates of Sacramento, Calif.-based Habib Auto Sales, Ocean Auto Sales, and Rusul […]

Dealer Group CFO Admits to Defrauding Ford Credit of $50M

Nearly a year after Ford Motor Credit sued Reagor-Dykes Auto Group for hiding one of the largest floorplan financing frauds in history, the captive is finally receiving closure. The Texas-based dealership group’s Chief Financial Officer Shane Smith has pleaded guilty to defrauding the captive, shelling out $50 million in restitution to Ford Credit and other […]

Capital One Auto Finance Sues Missouri Dealership for Fraud

Capital One Auto Finance filed a lawsuit against Cape Girardeau, Mo.-based Coad Toyota claiming $619,690 in damages for allegedly misrepresenting facts about vehicles sold and falsifying down payments and sales tax in 34 instances, according to court documents filed Dec. 21, 2018. In one example cited in the lawsuit, the dealership allegedly supplied information to […]
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